Articles Tagged with lawyer

The amount of commitment involved in a business acquisition is substantial, and it’s important to know what you’re getting yourself into in advance. Thorough due diligence is vital, but at the same time, it needs to be focused on information that’s relevant to the transaction. Anything beyond that is ultimately a waste that could prevent the transaction from ever closing.

Here, we’ll discuss the most important information to ask for prior to completing a business acquisition.

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A will can be a valuable component of any estate plan since it helps expedite the probate process. By making your last wishes known, you’ll make it easier for the court to make sure your property is divided appropriately. However, there are some items that really don’t belong on your will, either because they’d complicate the disposition of your estate or because it’s simply unnecessary to mention them.

Here, we’ll look at a number of items that you typically should not put on your will.

Anything with a Named Beneficiary

Owning a multifamily rental property can be a profitable investment, but it also presents a significant liability if it’s mismanaged. It’s important to adhere to all applicable laws, including those pertaining to the rights of your tenants. By following best practices, you can not only protect yourself from losing lawsuits, but avoid most of them entirely.

1. Set Up Recordkeeping from the Start

First of all, it’s important to keep thorough records on the financial and practical aspects of your property. Some of the documents that either you or a designated property manager should keep up to date include:

High-risk transactions often require the use of paymaster and escrow services. People often have questions about escrow and related services, the most common of which will be addressed here.

Who Pays Escrow Fees?

When it comes to escrow fees, there is no set rule or law that dictates who should pay them. As such, it ultimately comes down to the terms of the purchase contract. Often, escrow fees are split evenly between the buyer and the seller, but there may be instances where one party may be able to negotiate for having the other party pay them in full.

If you’re a small business with an invention, process, formula, or similar type of intellectual property, you may balk at the cost of patenting it. In some cases, keeping it as a trade secret may be a preferable option to filing for a patent.

Difference between Trade Secrets and Patents

Patents are official government licenses that give you exclusive rights to profit off of your inventions for a set period of time. It covers such items as manufacturing, reverse engineering, or selling your invention.

Under Illinois law, the vast majority of employers must provide workers’ compensation coverage for their employees. As such, employers in the state can’t usually “opt out” of providing coverage or carrying workers’ comp insurance, though there may be some cases where an employer may elect not to provide coverage.

Industries that Must Provide Workers’ Compensation

The Illinois Workers’ Compensation Act allows employers to provide workers’ compensation coverage in exchange for being free from liability for workplace accidents (meaning employees usually can’t sue them for injuries sustained on the job). In some industries, this coverage is mandatory. The Workers’ Compensation Act is considered to automatically apply to industries involving:

Every year, nearly 13,000 people are injured by fireworks. Most of those fireworks are legal, though injuries may result from the negligent actions of another person. In those cases, there may be grounds for a personal injury lawsuit.

Calculating the Worth of Firework-Related Injuries

Personal injury lawsuits resulting from fireworks include various types of damages. As such, if you’ve been injured by negligent use of fireworks, or if the fireworks used were defective, you may be entitled to the following:

In the course of real estate transactions, funds are held in escrow in order to keep them secure and to protect the interests of the parties involved in the transaction. The process itself is governed by many rules, but it can be broken down into some basic steps.

What Is Escrow?

In it’s most basic sense, “escrow” refers to money being held by a third party (i.e. someone apart from the buyer and the seller) during a transaction. When someone buys a property, they place funds in an escrow account, and those funds are held there until the terms of the purchase agreement are completely finalized. Funds are released and the title to the property is transferred once the parties in the transaction fulfill the terms of the agreement.

Those who have become exposed to the novel coronavirus while on the job may be entitled to workers’ compensation, particularly when it impacts their ability to work and warrants medical treatment. However, it begs the question of how much these claims are actually worth. If your claim settles, how much would the payout be?

The simple answer is that it’s a bit early to tell just yet.

Settlements on Coronavirus Claims Are Uncertain

Many of the various reliefs and incentives put out by the government are intended to help ease the burdens of individuals and businesses alike. Whether you’re a high net worth individual with a complex financial scenario or a small business owner trying to make ends meet during an economic lull, the pandemic will likely impact your tax situation.

Tax Deadlines Postponed

One of the reliefs extended by the IRS is an extension on tax deadlines. Taxes and returns that were due in April are now due by July 15th. If more time is still needed, individuals and businesses are able to extend that deadline further by filing an extension.

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